Solana (SOL) and Cardano (ADA) Could Lose Ground To Meme Coins?

Meme coins have been in focus since mid-February, partly influenced by the Bitcoin-led rally. Investors see these tokens as a way to bet on the growth of their underlying blockchain networks, considering that they are especially retail-friendlier and easier to understand for newbies. With the high adoption of fast-rising DeFi (decentralized finance) meme coins like Dogwifhat (WIF) and NuggetRush (NUGX), many wonder if they could surpass Solana (SOL) and Cardano (ADA).

Dogwifhat now trades over $2.00, reaching over $2.1 billion in capitalization just over three months after issuance. NuggetRush is a new addition to the decentralized cryptocurrency list that offers an innovative impact gaming model and an enticing NFT (non-fungible) marketplace. It lets its users earn real cash and gold. The viral success of its top ICO in five rounds and the ongoing launchpad round reflects its robust recognition. 

The following sections cover the pump of Dogwifhat and NuggetRush and the possibility of Solana and Cardano losing ground to them.

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NuggetRush (NUGX): New Presale Milestone On The Horizon

NuggetRush is yet to go live on exchanges; it is in the initial coin offering (ICO) stage, where the NUGX tokens are up for grabs at discounted prices. This top ICO has raised $2.8 million so far. With the heightened interest in NuggetRush’s propositions, this amount should quickly culminate in $3 million. The presale offers each token for $0.019, which will reach a minimum of $0.020 when it launches. 

While still in presale, NUGX is a safe crypto investment because a high-standing blockchain firm, SolidProof, has thoroughly audited its smart contract. Currently, in its launchpad round, investors have shown confidence in the project’s security commitment and proposition, as seen in the sale of almost 215 million tokens. This success highlights that individuals have gone from actively watching its development on the decentralized cryptocurrency list to investing in it.

NuggetRush merges cryptocurrency investment, blockchain technology, DeFi, and tangible earning in an engaging play-to-earn (P2E) gameplay. While offering these, the project pledges a percentage of rewards and in-game purchases to help artisanal miners in underdeveloped countries. The platform also features a popular NFT marketplace with one-of-a-kind digital collectibles that can be staked over time to boost gains.

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Dogwifhat (WIF): Crosses The $2 Mark 

Dogwifhat launched in November 2023 and quickly went viral in crypto circles. Much of the crypto’s memetic value stemmed from its connection to an image of a dog wearing a hat—and the “wif hat” usage that has caught on and grown among the crypto market. CoinGecko data showed that WIF traded nearly $1 billion the previous day. It attained a new peak price of $2.25 on March 8.

Dogwifhat is the first significant meme token priced over the psychologically large $1.00 mark. Its listing on the prominent exchange Binance likely drove such price action, with the exchange recording $219 million in WIF trades within its first day. The anticipation of future listings of the crypto and popularity among retail buyers likely contributed to the gains.

Solana (SOL): Hits Two-Year High But Remains Undervalued

Solana‘s price increased by 45% in the last two weeks, bringing the cryptocurrency to around $146. Looking at SOL’s technical and historical data, investors’ support could increase the SOL price. Once the crypto surpasses the $150 resistance level, a rally to $168 could be onboard.

According to an analysis on the BeInCrypto platform, Solana is worth less than it should be. This conclusion was drawn from the cryptocurrency’s Price-to-Sales (PS) ratio, which compares a protocol’s market cap to its revenues. A low ratio could imply that the protocol is undervalued and vice versa. According to this metric, SOL is highly undervalued.

Cardano (ADA): On The Cusp Of A 16% Correction

Cardano started March on an impressive note, but the momentum slowed over the last few days. The crypto faces a potential correction that could wipe out its recorded gains. ADA has difficulty sustaining its 12% weekly rally since it struggles to maintain the local support of $0.72. If its bulls decide to sell out of fear, ADA‘s price could lose this support too and decrease 16% to the next critical level of $0.62.

Conclusion

Solana and Cardano are trading in the greens, but some technical indicators are unfavorable for the tokens. Dogwifhat and NuggetRush are top DeFi meme coins showing bullish indicators. If you want to diversify your portfolio before this first quarter of the year wraps up, you can start with NuggetRush. Invest early and benefit from unparalleled perks, exciting rewards, and giveaways. You will also enjoy its gameplay with customizable popular NFT characters.

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